To anyone that trades currency futures, it should be known that price outlook for a currency can be measured by calendar spreads. Spreads can either be bearish or bullish, however, if no spread exists, is it safe to say trading one month doesn't make a difference as trading another? The Swiss franc doesn't seem to have a calendar spread and this strikes to me as odd for with this, I assume, that the currency outlook for the futures is completely neutral. Any ideas as why there is a lack of spread between June and September contracts? Mispricing perhaps?
